By Robb M. Stewart
OTTAWA--Canadian building permits jumped in November, rebounding after declines the previous two months as plans for multi-unit dwellings drove activity in the residential sector.
The total value of building permits for October rose 14.1% from the month before to a seasonally adjusted 11.03 billion Canadian dollars, the equivalent of US$8.21 billion, Statistics Canada said Monday. Market expectations weren't immediately available.
On a year-over-year basis, the overall value of permits issued in September was down 4.5%.
The Canadian data agency said the province of Ontario helped push growth in the residential sector, with 21 permits for new condominiums and apartments. The total number of planned dwelling units in Ontario grew 60% month-over-month, returning to historical averages reported over the last three years, Statistics Canada said.
Building permits provide an early indication of construction activity in Canada and are based on a survey of 2,400 municipalities, representing 95% of the country's population. The issuance of a permit doesn't guarantee that construction is imminent.
Construction intentions in the residential sector were up from the previous month, with the value of permits 13.7% higher, at C$7.10 billion, Statistics Canada said. Intentions to build multifamily dwellings jumped 19%, while intentions for single-family homes were up 7.1%.
Permits for nonresidential buildings advanced 14.9% on month, to C$3.93 billion, Statistics Canada said.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
01-09-23 0901ET
